Buy or sell stocks: The Indian stock markets continued their losing streak for the eighth successive session, crashing over 900 points on Wednesday’s intraday session before recovering amid mixed global cues. The Nifty 50 index closed 0.12 per cent lower at 23,045.25 points, compared to 23,071.80 points in the previous stock market session.
The BSE Sensex index closed 0.16 per cent lower at 76,171.08 points, compared to 76,293.60 points at the previous market close.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the Nifty 50 index witnessed a highly volatile session, breaching the important support zone. The index now needs to breach the 23,300 zone to improve the bias and expect a further rise. Parekh estimates the Nifty 50 Spot index to find support at 22,900 points and face resistance at 23,300 points. The Bank Nifty index will likely move in the 49,000 to 50,000 range.
Vaishali Parekh recommended three buy-or-sell stocks for Thursday: Varun Beverages Ltd, Lemon Tree Hotels Ltd, and Greaves Cotton Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty witnessed a highly volatile session retesting the previous low made near 22,800 zone, which is the important support level. It thereafter made a significant pullback spurring the index to 23,150 levels to regain some lost sentiment. It finally ended the session on a flat note above the 23,000 zone.”
“The index would need to breach above the 23,300 zone as of now to improve the bias and thereafter, anticipate further rise in the coming days,” said the stock market expert.
“Bank Nifty, after making a low near 48,750 zone, recovered strongly as compared to Nifty index to improve the bias to some extent. Further rise can be anticipated in the coming sessions with near-term support maintained near the 48,500 level, which needs to be sustained. As mentioned earlier, the 50,600 zone would be the tough barrier on the upside and only a decisive breach above the 200 DMA level of 50,900 shall bring conviction and confirm a fresh upward move in the coming days,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 22,900 points and resistance at 23,300 points. The Bank Nifty index would have a daily range of 49,000 to 50,000.
Buy or sell stocks by Vaishali Parekh
1. Varun Beverages Ltd. (VBL): Buy at ₹534; Target at ₹564; Stop Loss at ₹522.
2. Lemon Tree Hotels Ltd. (LEMONTREE): Buy at ₹130.70; Target at ₹137; Stop Loss at ₹127.
3. Greaves Cotton Ltd. (GREAVESCOT): Buy at ₹278.60; Target at ₹290; Stop Loss at ₹272.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
